Buy & Sell with Vicki Koeunehttp://www.mchenryareahomes.com
Your Trusted Real Estate Advisor!Wed, 23 Mar 2016 14:43:56 +0000en-UShourly1https://wordpress.org/?v=5.0.3Here are some considerations to help determine when to buy a house before selling your current one.http://www.mchenryareahomes.com/general/here-are-some-considerations-to-help-determine-when-to-buy-a-house-before-selling-your-current-one-67/
http://www.mchenryareahomes.com/general/here-are-some-considerations-to-help-determine-when-to-buy-a-house-before-selling-your-current-one-67/#respondWed, 23 Mar 2016 14:43:56 +0000http://www.mchenryareahomes.com/?p=671. You enjoy knowing what’s ahead of you. If you’re the type of person who feels nervous leaping into the unknown, you may find you’re more emotionally equipped to part with your current home when you know you’ve got your next place lined up.
2. You have time to hold out for what you want. You won’t feel rushed into settling for a home that’s less than perfect just so you have somewhere to live (or because your friends are getting sick of your crashing in their guest room). You’ll be able to wait for the perfect house, whether it’s in the perfect neighborhood, has a perfect layout, or is the perfect price (or all three!).
3. You could still bring cash to the table. You may qualify for a bridge loan if your credit is good and you have enough equity in your current home. Bridge loans allow transitioning homeowners who haven’t yet sold their current home to access the money they need for a down payment on a new home.
4. You save on extra moving costs and hassle. If you sell your home before you buy the next one, you may wind up moving twice — first to temporary housing and then to your new home. If you buy first, you’ll need to move only once. If your temporary residence is small, like a studio apartment or a guest room in a friend’s house, you’ll also face storage fees for all your furnishings in limbo.
5. You have a safety net. Although it’s not as attractive to the sellers you’re buying from, an offer that’s contingent on the sale of your current home allows you to put your next house under contract while still giving yourself extra time to find a buyer for your current home. In theory, that’s the best of both worlds.
6. Your next home is too good to pass up. You’ve found your dream home, and the seller is extremely motivated. If you love the home so much that you know you’ll regret letting this opportunity pass you by, then it could be worth taking a leap.

]]>http://www.mchenryareahomes.com/general/here-are-some-considerations-to-help-determine-when-to-buy-a-house-before-selling-your-current-one-67/feed/0The Top 5 Simple Ways to Increase Your Home’s Valuehttp://www.mchenryareahomes.com/general/the-top-5-simple-ways-to-increase-your-homes-value-58/
http://www.mchenryareahomes.com/general/the-top-5-simple-ways-to-increase-your-homes-value-58/#respondMon, 13 Jan 2014 16:10:45 +0000http://www.mchenryareahomes.com/?p=58If you’re like most people, your home is the biggest financial investment you’ll ever make. Even small improvements to your home can equal big returns later when you are ready to sell.

Here are a few easy and (mostly) inexpensive ways to increase your home’s value and improve its marketability, whether you are looking to sell next week, next month or next year:

1. Bathroom. Remodeling is a great way to increase your home’s value, but chances are you do not have the time or money to remodel every room of your home. If you are going to remodel only one room in your house, the outdated bathroom is a good choice. And if you can’t completely remodel your bathroom, there are still small changes you can make on a small budget. Minor updates like getting new light fixtures, stripping old wallpaper and replacing your shower curtain can dramatically improve your bathroom’s overall appeal.

2. Go for Green. Energy efficiency is one thing that will never go out of style. Younger buyers are increasingly attracted to homes that are environmentally friendly and all buyers are intrigued by the prospect of low home energy bills. There are many ways to increase your home’s energy efficiency, including programmable thermostats and water-saving faucets.

If you aren’t planning to move for a while, you may want to plant a few tall trees in your yard. The shade provided by trees can actually decrease your home’s cooling costs by as much as 40% and can also help improve your home’s overall curb appeal. If you are in more of a hurry to sell, you can instantly improve your home’s energy efficiency by swapping your old windows for heat-trapping windows.

3. Kitchen. Right after your bathroom, your kitchen is the next most important room you can update. It is particularly important to make sure your cabinets look clean and polished, since they can strongly impact a buyer’s perception of the entire room. If you have a larger budget, consider replacing old cabinets with new ones. And if you are working on a smaller budget, a fresh coat of paint on your cabinets can make a world of difference.

4. Landscape. You’ve probably heard it before, but the curb appeal of your home is hugely important. If new buyers notice that your yard has been ignored, they may assume there are other aspects of your home that have been neglected. This might cause them to lose confidence in the value of your home.

5. Lighten Up. Good lighting in your home can make a big difference. It is especially important to invest in bright lights for smaller rooms in your home; bright lighting can make small rooms look more spacious. If you want to avoid a higher energy bill, a sun tube (a hole in your ceiling that funnels in natural light) can be a great way to brighten up a room without adding to your home energy costs.
by Stacey Waxman, Realty Times Feature Writer 01/10/2014

The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed a 17.2 percent increase in sales over July 2012; sales have remained above year-ago levels for 25 months. There are buyers out there right now and they are serious about purchasing.

2.) Supply Is Beginning to Increase

Total housing inventory last month rose 5.6% to 2.28 million homes for sale. This represents a 5.1-month supply at the current sales pace, compared with 4.3 months in January. Many expect inventory to continue to rise as 3.2 million homeowners escaped the shackles of negative equity in the last 12 months and an additional 1.9 million are expected to enter positive equity in the next 12 months. Selling now while demand is high and before supply increases may garner you your best price.

3.) New Construction Is Coming Back

Over the last several years, most homeowners selling their home did not have to compete with a new construction project around the block. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative for many purchasers.

4.) Interest Rates Are Rising

According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year mortgage have shot up to 4.57% which represents a jump of more than a full point since the beginning of the year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will continue to climb.

Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) It’s Time to Move On with Your Life

Look at the reason you are thinking about selling and decide whether it is worth waiting. Is the possibility of a few extra dollars more important than being with family; more important than your health; more important than having the freedom to go on with your life the way you think you should?

You already know the answers to the questions we just asked. You have the power to take back control of your situation by putting the house on the market today. The time may have come for you and your family to move on and start living the life you desire. That is what is truly important.

Most real estate analysts are rather bullish on the housing market right now. Sales, pending contracts, prices and new construction starts are all up. The Home Price Expectation Survey released last month revealed a sense of optimism among the experts surveyed regarding home values over the next five years.

However, not everyone is buying into the belief that housing is in a full-out recovery. There are still a few bears who do not believe housing is out of the woods just yet. One such bear is Radar Logic. In their RPX Year in Review released last week, they shed new light on two data points which have recently shown improvement.

House Prices

“From November 2011 to November 2012, the RPX Composite price increased 9.2 percent year over year, but this increase reflects a significant shift in the composition of home sales and overstates the appreciation in individual properties.”

House Sales

“An increasing share of sales activity has been driven by institutional investors rather than households. While the 25-metro-area RPX transaction count increased 7.6 percent year over year, monthly investor purchases increased 75 percent year over year. The bulk of these purchases occurred in a handful of markets hit particularly hard by the housing bust: Miami, Phoenix, Los Angeles, Las Vegas and Atlanta.”

Radar Logic concludes:

“Some commentators suggest that investor-driven home price appreciation could spur demand among housing consumers, which will in turn bring about a broad-based and sustainable recovery in the nation’s housing markets… It is hard to see a direct connection between the current increase in institutional demand and future gains in household demand, especially at a time when traditional buyers are faced with high down payment requirements and tight standards for mortgages.”

It will be interesting to see whether the few bears are correct or if the bulls, who are definitely in the majority, are proven correct.

A series of new short-sale guidelines that go into effect Nov. 1 are supposed to make the process of short selling easier and speedier.

Fannie Mae and Freddie Mac will allow servicers to streamline the short-sale process for borrowers who are in financial hardship and homeowners who have to sell their homes because of a divorce, disability or job transfer.

The expedited process will open the door to more short sales as an alternative to foreclosures.

Since this crisis began, the short-sale process has been difficult, Consumers have been frustrated by the process. But we are starting to see changes already.

I hope servicers will embrace the rules. On average, it still takes at least six months to sell a house through short sale.

Under Fannie and Freddie’s new guidelines, servicers must respond to a short-sale request within 30 days and give the borrower a final decision within 60 days.

It’s time to revisit that list of home improvement projects you keep putting off. As home prices stabilize, more homeowners will tackle remodeling projects.

Spending on home renovations is expected to increase to $120.7 billion in the fourth quarter of this year from $114 billion in the fourth quarter of 2011, according to data from the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University.

Despite the growth in remodeling activity, homeowners needn’t worry about rising building material prices or potential shortages of labor, says Stephen Melman, director of economic services for the National Association of Home Builders, or NAHB.

“Some prices have gone up, but I don’t think that’s going to be a holdback on remodeling,” he says.

Fall is a great time to get materials at a discount as home improvement stores unload their summer inventory.

As you decide which projects to tackle first, it’s wise to check your windows and consider adding insulation before winter arrives.

Kitchen and bathroom remodeling remain at the top of many homeowners’ wish lists, according to the NAHB. “The most popular large project has been bathrooms,” Melman says. “It’s also less expensive than doing a kitchen.”

Contact VKBuilders LLC for a quote if a remodel is on your mind & in your future! www.vkbuilds.com

Mortgage rates are being pulled in different directions. Borrowers who want to grab a low rate should act before the tug of war is over.

The Federal Reserve has been doing whatever it can to hold rates down, including printing billions of dollars per month to buy mortgage bonds. But higher mortgage fees, imposed by the Federal Housing Finance Agency, will push rates up this fall.

Starting Nov. 1, Fannie Mae and Freddie Mac will raise the guarantee fees they charge loan originators. On average, the increase translates into about a quarter of 1 percentage point in interest.

It’s almost like the higher fees will be canceled out by the Fed’s open-ended buying program, or QE3, says Brett Sinnott, director of secondary marketing at CMG Mortgage Group in San Ramon, Calif.

Rates will likely stay near the lows until the election, he says. What happens next is anyone’s guess.

“What if after the election, they say, ‘We’re stopping (the bond-buying program) tomorrow,'” Sinnott says.

Borrowers who are on the fence should act soon.

“There is no reason to hold off on refinancing at these levels,” he says.

]]>http://www.mchenryareahomes.com/general/last-chance-to-refi-32/feed/0Homebuyers, the market’s just not that into youhttp://www.mchenryareahomes.com/general/homebuyers-the-markets-just-not-that-into-you-30/
http://www.mchenryareahomes.com/general/homebuyers-the-markets-just-not-that-into-you-30/#respondFri, 30 Nov 2012 03:20:34 +0000http://www.mchenryareahomes.com/?p=30

Potential homebuyers entering the housing market this fall will face a harsh and somewhat confusing reality: It looks like a buyer’s market, but it’s not.

The inventory of for-sale homes, including foreclosed properties, continues to shrink in many parts of the country. As a result, it will probably take longer for buyers to find their ideal home. And they may not necessarily find the bargains they expect.

Yes, there are good deals today, especially in the distressed-property market, But because the inventory is so greatly reduced, it is more difficult to get your offer accepted. There are bidding wars going on in many parts of the country.

The average inventory of homes for sale nationwide was about 4.6 months in August, according to the U.S. Census Bureau.

But the market hasn’t really turned into a seller’s market yet. Many underwater homeowners have taken their homes off the market, contributing to the low inventory levels. And there are millions of foreclosures in the pipeline that will eventually hit the for-sale market.

There are still a lot of foreclosure properties that we have to work through, We won’t have a sustainable recovery until that happens.